Rsi below event
Marks candles where recent down-moves outweigh up-moves about three to one (RSI below -0.5).
This indicator computes an RSI-style balance from -1 to +1 over the last rsi_window one-minute price changes: the sum of up-moves minus down-moves, divided by their total. It is a plain rolling sum, not Wilder's smoothed average. It marks every bar where that balance is below the threshold (default -0.5), which means down-moves total about three times the up-moves. Volume is an optional input; left empty, as in the default sample, only price changes count.
How to read it
- Markers sit on candles where the balance of the last N one-minute moves is below the threshold.
- A run of consecutive markers is one dip. At defaults on SPY in September 2026, there were about 22 dips per trading day, with the balance below the threshold on about 8% of bars.
- Read a marker as sustained one-sided selling over the window, not as a turn in price.
What it outputs
- Dip below threshold
- On each candle where the balance of recent price moves sits below the threshold, a marker is drawn.
When it fires
Fires on each candle where the balance is below the threshold (default -0.5), meaning down-moves over the window total more than three times the up-moves. A run of consecutive firing candles counts as one dip in the stats.
Settings
- rsi_window
- How many recent one-minute price changes the balance covers. Shorter (around 5 to 10) reacts within minutes and marks dips often. Longer (60 and up) smooths the balance, so only sustained selling pushes it below the threshold.
- threshold
- The balance level that starts a dip. Raising it toward 0 (for example -0.3) counts milder selling and marks more bars. Lowering it toward -1 (for example -0.8) keeps only one-sided falls. At or below -1 it never fires.
Pitfalls
- It describes a condition, not a reversal. Markers often keep coming while price is still falling, so a marker alone is not an entry.
- Only thresholds between -1 and 1 matter: at or below -1 it never fires, above 1 it fires on every bar. A completely flat window reads +1, not 0.
- Warm-up: the first rsi_window bars show nothing while the window fills. If volume is wired in, bars are weighted by log(1 + volume), so the balance no longer matches the price-change figures above.